Meeting documents

To consider a report with recommendations from the Leader of the Council, arising from the Cabinet meetings.  

The recommendations relate to 2021/22 mid-year treasury management report.

Proposed by Councillor Mandy Chilcott and Seconded by Councillor Liz Leyshon moved and the Council RESOVLED to:

To endorse the Treasury Management Mid-Year Report for 2021-22.

The Council considered a report that set out the Leader’s and Cabinet’s recommendations to Council arising from their consideration of reports at the Cabinet meeting on 15 November 2021.  The Local Government Act 2003 requires the Council to operate the overall treasury function with regard to the CIPFA Code of Practice for Treasury Management in the Public Services. The Code requires Full Council to receive as a minimum, an annual strategy and plan in advance of the year, a mid-year review, and an annual report after its close. This is the mid-year review for 2021-22.  Treasury Management activity and outturn for the first half of the year and ensures Somerset County Council (SCC) is embracing Best Practice in accordance with the Chartered Institute of Public Finance and Accountancy’s (CIPFA) recommendations.

The Council discussed the report and welcomed the predicted borrowing balances and good returns. It was noted that there was no mention of the Labour Market and the impact of Brexit on this in the report.

Proposed by Councillor Mandy Chilcott and Seconded by Councillor Liz Leyshon moved and the Council RESOVLED to:

Endorse the Treasury Management Mid-Year Report for 2021-22.